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China's trade in services deficit continued to narrow and its "intrinsic value" has increased in the first 10 months

The head of Department of Trade in Services and Commercial Services of the Ministry of Commerce recently stated that, from January to October 2019, China's trade in services continued to maintain steady growth. The total import and export of services reached 4.43927 trillion yuan, a year-on-year increase of 2.6%, among which, the export amounted to 1.57723 trillion yuan, a year-on-year increase of 9%, and the import totaled 2.86204 trillion yuan, a year-on-year decrease of 0.7%.


The trade in services deficit continued to narrow. From January to October, China's service sector production index showed a year-on-year increase of 7%, laying a good foundation for the rapid growth of service exports. The service exports accounted for 35.5% of service imports and exports, an increase of 2.1 percentage points compared with the same period last year. On the whole, the growth rate of service exports was 9.7 percentage points higher than that of service imports, pushing the trade in services deficit down by 10.4 percentage points to 1.28481 trillion yuan, a decline of 149.49 billion yuan compared with the same period last year.


The "intrinsic value" of trade in services increased. From January to October, China's imports and exports of knowledge intensive business services reached 1.51356 trillion yuan, a year-on-year of 10.7%, 8.1 percentage points higher than the overall growth rate of service import and export, accounting for 34.1% of the total import and export of services, up 2.5 percentage points compared with the same period last year. Among them, the exports of knowledge intensive business services reached 795.98 billion yuan, a year-on-year increase of 13%, and the imports reached 717.58 billion yuan, a year-on-year increase of 8.2%.


As the largest international event in the field of global trade in services, the 2019 CIFTIS was held in Beijing from May 28 to June 1. It attracted 21 international organizations, provinces, autonomous regions and municipalities throughout China, over 180 overseas chambers of commerce and associations, more than 8,000 domestic and foreign enterprises and institutions from 137 foreign countries and regions to participate in the exhibition and conference, covering an area of 165,000 square meters, with over 240 forum conferences and negotiation and transaction events held, making positive contributions to building a strong trade in service power and promoting the development of an open world economy.